Time flies over us, but leaves its shadow behind. – Nathaniel Hawthorne
In some ways it is hard to grasp that half of 2020 is already behind us, in perhaps one of the strangest years any of us has experienced.
Real estate is behaving in ways that is difficult to understand; yet is very understandable. Inventory continues to be at historic lows. In Cumberland County homes available for sale were down 30% in June compared to the same month of 2019 – yet prices were at the highest level ever recorded – $365,000. Evidence that the market dynamic of supply and demand is working in full force.
Below are two sales charts: YTD local town reports and an Infographic for Cumberland County. Some things to note – YTD sales are now considerably below last year after beginning the year strong. Nearly every town is experiencing declining unit sales.
As illustrated in the Infographic, monthly sales in Cumberland County were down 24%, while pending sales were only down 3%. This is a considerable improvement from April and May, when pending sales were down 32% and 19% respectively and resulted in the low June results.
Also, the Infographic clearly shows the impact of low inventory, as indicated by the Absorption Rate chart which plots monthly active listings and the time to sell those homes.
This is intended as just a brief recap. If you would like additional details, we can prepared a customized report for you.
Until next time, be safe and … Imagine More!